MLC Life latest to join Iress collab project

Yasmine Raso

Senior Journalist, Financial Newswire

16 February 2023

MLC Life Insurance and Praemium have become the latest firms to sign Memorandums of Understanding (MOUs) to collaborate with fintech, Iress, on the development of its ‘Connectivity Network’ project.

The life insurer and wealth platform join Colonial First State and MetLife Australia on the project after they signed MOUs in November 2022 to participate in the project designed to “connect platforms and insurance providers with advice software” such as Iress’ Xplan.

The end goal of the network is to ease and simplify the provision of advice at multiple stages for both the adviser and client.

“We’re pleased to continue growing the Connectivity Network with the support of MLC Life Insurance and Praemium. Together, we’re collaborating on the design and creation of Xplan Affinity – the infrastructure that will enable direct connection between platforms, insurance providers and Xplan,” Iress’ Commercial Director – Investment Infrastructure, Geoff Rogers, said.

“Adding MLC Life Insurance and Praemium to the Connectivity Network will support the delivery of efficiencies to a broader group of advisers and ultimately help decrease the cost of providing financial advice.

“By joining forces, we’re combining our collective networks, knowledge, and resources to create a more efficient and resilient advice industry.”

Michael Rodgers, Chief Individual Insurance Officer at MLC Life Insurance, said the firm was pleased to partner with Iress and join the project to “play a leading role” in the streamlining of advice.

“We know the importance of creating fast and efficient processes to ensure advisers can serve, and ultimately protect, more Australians, more easily,” he said.

“MLC Life Insurance has invested heavily in re-platforming our technology capabilities to ensure we are in a position to support and grow the advice community. We’re excited by the opportunities the Connectivity Network can bring in delivering superior experiences for our adviser partners and their clients, supported by technology.”

Praemium’s Chief Commercial Officer, James Edmond, said the project’s mandate strongly aligned with Praemium’s mission of “using technology to simplify complex and time-consuming processes” allowing advisers to accommodate for their clients more efficiently.

“We’re delighted to be collaborating on the Connectivity Network with Iress and other industry leaders, which we believe will solve a critical pain-point for advisers and enable them to more efficiently manage the wealth of Australians,” he said.